Rupee slumps 84 paise to close at 85.61 against U.S. dollar
The Hindu
Rupee falls sharply to 85.61 against the dollar amid geopolitical tensions between India and Pakistan.
Rupee depreciated sharply by 84 paise to close at 85.61 (provisional) against the U.S. dollar on Thursday, weighed down by heightened geopolitical tensions between India and Pakistan.
Forex traders said investors resorted to risk aversion in the domestic markets after the Pakistani military attempted a number of military targets in northern and western India using drones and missiles that were neutralised by Indian defence system.
Besides, heightened geopolitical risks, positive U.S. dollar index and a rise in crude oil prices also weighed on the rupee.
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At the interbank foreign exchange, the domestic unit opened at 84.61 and moved between an intra-day high of 84.52 and a low of 85.77 against the greenback. The unit ended the session sharply lower at 85.61 (provisional), registering a fall of 84 paise over its previous closing level.
On Wednesday, the rupee depreciated 42 paise to close at 84.77 against the U.S. dollar, following India's military strikes against terrorist camps in Pakistan and Pakistan-Occupied Kashmir.
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